European stocks lower on Turkey concerns; banks fall; Novozymes down 5%

The pan-European Stoxx 0 was down 0.4 percent in early deals with banks along with basic resources showing the steepest falls. This specific came as the euro dropped sharply against the dollar, following reports in which the European Central Bank (ECB) will be concerned over the impact of a weak Turkish lira on European banks.

The Financial Times said in which Spain’s BBVA, Italy’s UniCredit, along with France’s BNP Paribas could be particularly impacted by the ongoing depreciation of the lira.

On the earnings front, Novozymes shares sank 5 percent after the biotech firm missed expectations with its second-quarter results.

Meanwhile, budget carrier Ryanair will be facing flight cancellations across Europe as pilots walk out on strike in Ireland, Germany, Belgium, Sweden along with the Netherlands. Shares were down 0.6 percent at the open.

In Asia, equities traded lower — bar Chinese stocks — following a mixed session on Wall Street. Traders have remained on edge after China matched the most recent round of U.S. tariffs with 25 percent levies of its own, targeting $16 billion worth of American goods. Meanwhile, Japanese gross domestic product (GDP) figures showed better-than-expected growth inside second quarter, aided by strong household along with business spending.

inside latest Brexit news, a majority of the British public supports a second referendum on the U.K.’s withdrawal by the European Union, according to a YouGov survey released Friday. Meanwhile, U.K. employers’ group the Confederation of British Industry said on Friday in which the idea backs an immigration system in which will be “open along with controlled,” adding in which the U.K. should ditch controversial net migration targets.

In terms of data, the International Energy Agency’s monthly oil market report will be due at 4 a.m. Friday, along with the U.K. will be releasing GDP, trade balance along with construction output data at 4:30 a.m. ET.

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